If you have been shopping for a home in Jacksonville and are working with a mortgage broker or bank for a home mortgage, rates are bouncing all over the place.
Rates have moved a little and sometimes a lot. Sometimes up as much as a half point a day. WSJ reported on the rising rates here.
How does this affect you? If you are purchasing a home and you intend to have a $200,000 mortgage, and your rate went from 5.5% to 6.125% , your payment just went up $80 per month.
Will this trend continue? Well, check out The Daily Mortgage Reports. Dan has an article that talks about summer trends. Just about every summer, rates go up. (Kind of like gas going up just in time for summer travel).
Is it Time to Buy a Home in Jacksonville?
Yes! Rates are still very low, but inflationary concerns are driving rates upward and most economist think this trend will continue.
With rates being lower, you have more buying power. Combine more home buying power through lower mortgage rates, add the fact that home prices in Jacksonville have dropped, and plenty of homes on the market to choose from, and you have yourself a Buyers Market in Jacksonville and Ponte Vedra. Will rates rise, it looks like they will, so take advantage now.
Get out there, find a good deal, and lock in a great rate! Make sure to work with a Professional Jacksonville Real Estate Agent and Jacksonville Realtor to find a great deal.
Posted by Brad Officer on
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